The tourist enclave of Maspalomas is not only known for its miles of beaches and golden dunes, but also for housing significant leisure infrastructure whose financial and corporate structure often extends beyond the island's borders. A clear example of this complex economic landscape is the case of the iconic Aqualand Maspalomas water park, acquired in September 2007 by Leisure Land SL, belonging to the well-known Aspro Ocio group (Cotoner family), a deal that culminated years later in a lengthy legal battle with the Spanish Tax Agency.
The court ruling issued by the National Court focused on the lack of transparency in accounting and the revaluation of the assets of this key facility in the south of the island. The origin of the legal dispute dates back to September 13, 2007, the date on which the company formally acquired the property and the operating rights to the water park for a total of €24.040.484, after assuming a previous lease agreement with an option to purchase.
To finance this operation, the company took out a long-term syndicated mortgage loan for €20.400.000, guaranteed by seven financial institutions and secured directly by the land of the complex itself. However, the subsequent tax accounting of the transaction raised suspicions with the Tax Inspectorate, as the company deducted a substantial amount of goodwill, significantly altering the true value of the land and buildings located in southern Gran Canaria.
The technical controversy revolved around two radically different valuations commissioned by the business group itself. On the one hand, a report issued in July 2007 valued the premises and its business prospects at €33.734.134 using the discounted cash flow method. On the other hand, a subsequent document prepared by American Appraisal in January 2008 reduced the value of tangible fixed assets to just €7.819.350, allowing the owner to declare goodwill exceeding €16,6 million for systematic deduction in its 2010 Corporate Income Tax return.
The tax authorities considered this maneuver a ploy to depreciate, for accounting purposes, a plot of land that, by its very legal and urban planning nature, was not subject to amortization. After passing through the filters of the Madrid Regional Economic-Administrative Court and the Central Economic-Administrative Court (TEAC), which dismissed the tour operator's previous claims, the matter reached the Administrative Chamber of the National Court.
The judges concluded that the value of the land on which Aqualand Maspalomas stands was significantly higher than the artificially declared value, based on both the mortgage appraisal and market prices, as well as the logic of the bank guarantees provided. Consequently, the ruling determined that the goodwill in question did not actually exist, upholding the liquidation agreements for €292.463,82 and the additional penalty of €124.847,16 imposed on the business group for conduct deemed culpable.
